Dublin, May 17, 2023 (GLOBE NEWSWIRE) -- The "U.S. Electric Farm Tractors Market- Size, Trends, Competitive Analysis and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The electric farm tractor market in U.S. was worth $220 million in 2021. However, the adoption of electric farm tractors is still in the early stages, and traditional diesel-powered tractors are the dominant choice for most farmers.
The high upfront costs of electric tractors compared to diesel-powered tractors is a major barrier to adoption for most farmers, as well as concerns over their range, charging infrastructure, and power capacity.
Another restraining factor for adopting electric farm tractors is insufficient charging infrastructure in rural areas. While electric tractors can be charged using standard electrical outlets, this can be time-consuming and impractical for larger farms. To overcome this challenge, some companies are exploring mobile charging solutions, such as battery trailers or swap stations.
Despite these challenges, the adoption of electric farm tractors is expected to grow in the U.S. as more farmers recognize the benefits of electric power and the technology continues to improve. In addition, electric tractors are becoming more popular among the increasing number of hobby farmers in the U.S. as they offer lower maintenance costs and a quieter and more comfortable driving experience.
Government subsidies to promote electric tractors and a growing emphasis on precision farming are other driving factors of electric tractors sales. In addition, rising fuel prices are generating interest in electric tractors among farmers.
The electric farm tractor market in the U.S. is dominated by utility tractors followed by row crop tractors. However, the orchard-type tractor is forecasted to be the fastest-growing segment in the country. Lead-acid batteries dominate the U.S. electric farm tractor market; however, during the forecast period, the adoption of lithium-ion batteries is expected to grow faster than lead-acid batteries.
Competitive Landscape
Several companies offer electric farm tractors in the U.S., including Solectrac, Monarch Tractor, Escorts Limited, John Deere, Kubota, and New Holland.
The strategies adopted by major electric farm tractor manufacturers in the U.S. are developing and introducing new electric and hybrid tractors, aggressive marketing to create awareness among farmers, collaborations with financial institutions to provide loans to farmers to purchase electric tractors, the rapid expansion of sales and dealer network and research to reduce the cost of electric tractors to make it affordable to the farmers.
Some of the strategies of major players are as follows:
- John Deere: John Deere has been investing heavily in electric tractors. In 2021, the company unveiled an all-electric concept tractor, the "GridCON," which features a 200-kilowatt electric motor and can run for up to four hours on a single charge. The company has also introduced the "Gator," an electric utility vehicle designed for use on farms.
- In 2020, Escorts launched its electric tractor range in the US. The company is focused on partnering with local dealerships in the U.S. to expand its distribution network. It has also been conducting training programs for dealers to help them better understand the features and benefits of electric tractors.
- Mahindra: The company has been developing electric tractors for the U.S. market. In 2020, the company introduced the "Mahindra eMax 22S," a small electric tractor designed for use in residential and commercial settings. The tractor has a range of up to 3.5 hours and can be charged using a standard 110-volt outlet.
- Solectrac is focused on the rapid expansion of certified sales and dealer networks. The company also focuses on developing additional new tractor models at cheaper costs.
- Monarch Tractors: Monarch Tractors is focused on capacity expansion. In August 2022, the company signed an agreement with Foxconn to build electric tractors and battery packs for Monarch.
Industry Dynamics
Drivers
- Growing emphasis on precision farming
- Government sponsored incentives and subsidies to promote electric tractors
- Dwindling agriculture laborers
- Increased Hobby farmers during the COVID-19 pandemic
Restraints
- Insufficient charging infrastructure
- High Cost of equipment & battery production
Opportunities
- Low Operating Costs
- Rising Fuel Prices
Porter's Five Forces Analysis
Future Trends in the Industry
Value Chain Analysis
Market Innovations
Company Profiles
- AGCO Corp.
- CNH Industrial N.V
- Deere and Company
- Escorts Limited
- Kubota Corporation
- Monarch Tractor
- Solectrac
- International Tractors Limited (Sonalika)
- Cellestial E-Mobility
- Ztractor
For more information about this report visit https://www.researchandmarkets.com/r/78o0kk
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